Congrats to Apple for finally making a serious move into payments. Certainly as Karen explains, expect new waves of payment innovation to be unleashed as a result of Apple Pay. The brand power and customer base of Apple, along with the penetration of credit cards epitomize a ecosystem ripe for harvesting. That said, in the US alone, depending on the research studies one looks at, ~20-35% of the US population still does not have a credit card. In other sizable markets where middle classes are booming (i.e.: India, China, Brazil, etc.), credit card penetration is vastly lower ... so unaddressed/under addressed payment opportunity remains on the table in the form of larger addressable markets/consumers on the sidelines of eCommerce ... sputtering along on the fringes of online payments via COD (cash on delivery), Carrier Billing, various forms of Prepaid/ Stored Value and other outlier payment options suitable to help various payment solutions/ eWallets help merchants reach more paying customers.